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Diversification Categories in Investment Real Estate

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Author Info
David Hartzell
John Hekman
Mike Miles
Abstract

This paper continues previous work evaluating the benefits of diversification and analyzes the various dimensions within the commercial real estate opportunity set. The database is large and extends through the 1982 downturn in property values. Due to the low levels of systematic risk, current distinctions by region and property type make little sense in a world of costly diversification. More exacting categories combining property type, SMSA growth rate and lease maturity offer promise for more efficient diversification within the real estate portfolio. Copyright American Real Estate and Urban Economics Association.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/1540-6229.00385
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Publisher Info
Article provided by American Real Estate and Urban Economics Association in its journal Real Estate Economics.

Volume (Year): 14 (1986)
Issue (Month): 2 ()
Pages: 230-254
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:bla:reesec:v:14:y:1986:i:2:p:230-254

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  1. David J. Hartzell & James R. Webb, 1988. "Real Estate Risk and Return Expectations: Recent Survey Results," Journal of Real Estate Research, American Real Estate Society, vol. 3(3), pages 31-37. [Downloadable!]
  2. Peter Byrne & Stephen Lee, 2006. "Geographical Concentration in the Institutional Market for Office Property in England and Wales," Real Estate & Planning Working Papers rep-wp2006-07, Henley Business School, Reading University. [Downloadable!]
  3. Ronald C. Rutherford, 1997. "Real Estate Diversification Benefits," Journal of Real Estate Research, American Real Estate Society, vol. 14(2), pages 117-136. [Downloadable!]
  4. David M. Geltner & Richard A. Graff & Michael S. Young, 1994. "Random Disaggregate Appraisal Error in Commercial Property: Evidence from the Russell-NCREIF Database," Journal of Real Estate Research, American Real Estate Society, vol. 9(4), pages 403-420. [Downloadable!]
  5. Philip McCann & Stephen Lee, 2005. "The Implications for Regional Investment of Diversification Strategies in Commercial Real Estate Portfolios," ERSA conference papers ersa05p473, European Regional Science Association. [Downloadable!]
  6. Pim Klamer & Cees Gorter & Peter Nijkamp, 2001. "Retail Investments by Real Estate Investment Trusts," Tinbergen Institute Discussion Papers 01-049/3, Tinbergen Institute. [Downloadable!]
  7. Stuart Fletcher, 1993. "Portfolio Considerations in Commingled Real Estate Funds," Journal of Real Estate Research, American Real Estate Society, vol. 8(2), pages 171-188. [Downloadable!]
  8. Paul K. Asabere & Robert Kleiman & Carl McGowan, 1991. "The Risk-Return Attributes of International Real Estate Equities," Journal of Real Estate Research, American Real Estate Society, vol. 6(2), pages 143-152. [Downloadable!]
  9. Mike Miles & John Pringle & Brian Webb, 1989. "Modeling the Corporate Real Estate Decision," Journal of Real Estate Research, American Real Estate Society, vol. 4(3), pages 47-66. [Downloadable!]
  10. Mark Gallagher & Asieh Mansour, 2000. "An Analysis of Hotel Real Estate Market Dynamics," Journal of Real Estate Research, American Real Estate Society, vol. 19(2), pages 133-164. [Downloadable!]
  11. David J. Hartzell & Robert H. Pittman & David H. Downs, 1994. "An Updated Look at the Size of the U.S. Real Estate Market Portfolio," Journal of Real Estate Research, American Real Estate Society, vol. 9(2), pages 197-212. [Downloadable!]
  12. Brent W. Ambrose & Hugh O. Nourse, 1993. "Factors Influencing Capitalization Rates," Journal of Real Estate Research, American Real Estate Society, vol. 8(2), pages 221-238. [Downloadable!]
  13. Glenn R. Mueller, 1993. "Refining Economic Diversification Strategies for Real Estate Portfolios," Journal of Real Estate Research, American Real Estate Society, vol. 8(1), pages 55-68. [Downloadable!]
  14. Dirk P.M. De Wit, 1993. "Smoothing Bias in In-House Appraisal-Based Returns of Open-End Real Estate Funds," Journal of Real Estate Research, American Real Estate Society, vol. 8(2), pages 157-170. [Downloadable!]
  15. Helen Higgs & Andrew C. Worthington, 2002. "The Prospects for Geographic Diversification in UK Regional Property Investment: Implications Derived from Multivariate Cointegration Analysis," School of Economics and Finance Discussion Papers and Working Papers Series 111, School of Economics and Finance, Queensland University of Technology. [Downloadable!]
  16. Terry V. Grissom & Ko Wang & James R. Webb, 1992. "The Spatial Equilibrium of Intra-Regional Rates of Return and the Implications for Real Estate Portfolio Diversification," Journal of Real Estate Research, American Real Estate Society, vol. 7(1), pages 59-72. [Downloadable!]
  17. Leon Shilton & Graig Stanley, 1995. "Spatial Filtering: Concentration or Dispersion of NCREIF Institutional Investment," Journal of Real Estate Research, American Real Estate Society, vol. 10(5), pages 569-582. [Downloadable!]
  18. Robert Edelstein & Daniel Quan, 2006. "How Does Appraisal Smoothing Bias Real Estate Returns Measurement?," The Journal of Real Estate Finance and Economics, Springer, vol. 32(1), pages 41-60, February. [Downloadable!] (restricted)
  19. Tom G. Geurts & Austin J. Jaffe, 1996. "Risk and Real Estate Investment: An International Perspective," Journal of Real Estate Research, American Real Estate Society, vol. 11(2), pages 117-130. [Downloadable!]
  20. Tsong-Yue Lai & Ko Wang & Su Han Chan & Daniel C. Lee, 1992. "A Note on Optimal Portfolio Selection and Diversification Benefits with a Short Sale Restriction on Real Estate Assets," Journal of Real Estate Research, American Real Estate Society, vol. 7(4), pages 493-501. [Downloadable!]
  21. William C. Handorf & J. Minor Sachlis, 1990. "A Note on the Accounting Model for Problem Real Estate Loans," Journal of Real Estate Research, American Real Estate Society, vol. 5(3), pages 381-392. [Downloadable!]
  22. James L. Kuhle, 1987. "Portfolio Diversification and Return Benefits--Common Stock vs. Real Estate Investment Trusts (REITs)," Journal of Real Estate Research, American Real Estate Society, vol. 2(2), pages 1-9. [Downloadable!]
  23. David J. Hartzell & David G. Shulma & Vice President, 1987. "Refining the Analysis of Regional Diversification for Income-Producing Real Estate," Journal of Real Estate Research, American Real Estate Society, vol. 2(2), pages 85-95. [Downloadable!]
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